St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-11-19
THE COMMERCIAL RECORD.
Pork Had Big Boom on the Chicago
Board of Trade Yes
terday.
There Was a Net Advance OF Over so
Cents Within TWenty-four
Hours.
Transactions in the Financial Circles
Of Wall Street.-The Gen
eral Quotations.
snecial TO the Globe.

Der opened at IOc ana SOFA uOWn 10 fOt2Ci
January from 764e TO 1888, and May from
S21sc to S17sc. There was good buying at
the decline, and the market recovered ssc,
but the advance did not hold, and at 1880
quotations were at about the inside figures
quoted. December corn sold down TO 44l2c,
January to 44ssc and May 10 4Sc, recovering
sharply to 44l2c for December and 1850
4ss4c for May on the filling of country Or
ders, and reacting slightly when the demand
from that source was satisfied, but showing
relatively less weakness than wheat. Proyls-
ions opened at about yesterdays closing rate
and advanced to SI345 for January pork,
1885 for May pork S6.77l2 for January
ribs and lard The trading was moderate III
volume The pause in cables was the prin-
cipal outside cause of weakness in wheat this
forenoon. The professional traders un-
loaded in large part on the bulge, and they
were industriously working for a break.
The Situation was ripe for reaction,
and it came. December sold down with
whirl to 75c, January TO 1850
and May to s1ssc, a decline of 1@1lsc from
Yesterdays closing range, and l l2c from yes
terday's best hid prices. The men who were
The widest bulls-yesterday were the best run
ners today. '"The late corners are just going
out observed a wheat-pit philosopher as he
watched the hands of the dial record the
dropping away of fractions, 1.-The parties who
bought yesterday are all selling to-day" and
such seemed TO be the case. 1t was noticed,
however. that
BUYING ORDERS INCREASED
as the market continued TO decline, and from
the inside quotations above given there oc-
cured a l2c reaction before 1890. The
market is broader than many of the shrewd-
osl,,
bulls are far from being beaten yet. The
strength that was developed in wheat on the
break stuck to it till the end of the long issue,
and closings were only little distance under
Yesterday Transactions were of enormous
volume The real power of the market Is due
to the discouraging reports from the winter
wheat fields more than 10 any other cause.
Advices agree that late sown wheat, which
comprises probably one-half of the area
planted, is not in shape tostand cold weather,
and that is now too late to hope for improve
ment A large amount of corn in crib
through Iowa, Nebraska Missouri and Ill
inois has been sold on the rise, and re-
ceiving houses freely predict a big
forward movement for the next
six weeks in consequence. Money is tight
throughout the farming country, particu-
larry III Nebraska, and farmers were only too
glad to get chance TO market their product
at a substantial advance from former lower
prices The trading crowd got onto the i'm
pending increased movement and the news
made them weak. The market felt the eff
fects of the break that occurred this fore
noon, but the rally that followed carried
values quite back to the starting point, and the
feeling was bueyanJ at the recovery. Deem
Der climbed from 1880 TO 445sc and Nav from
4SIsc to 4SsIc without setback and with
out murmur. Provisions behaved as con-
trary as corn. Itwas your Uncle PHIL who
remarked that hog acts Just as contrary
after you get him barreled as he did before,
and the perverse nature of the brute was
fully illustrated, as the price of live hogs is
higher here and elsewhere on account of
diminishing receipts. This caused packers
to draw into theif;shells and inquiry for pro-
duct found little for sale. Then George
Stewart began bidding for lard, which ad-
vanced under speculative stimulus 2O025c.
Pork caught the fever and fairly bounded,
going to S13. 92la for January and Sl4.40 for
May, sheer ascent of 5O@55c. Excitement
ran high and the shorts became universal
buyers. A large quantity of product sold
yesterday i'll anticipation of a decline was
bought III to-day at loss. The 1 o'clock
range of prices was not at the extreme out
tide but nearly there.
THE ROUTINE REPORT.
CHICAGO, Nov. -1S.-POrk was ION the
Rampage to-day and with a net advance of
6212c over last nights figures took so much
of the weakness out Of grain that this even
ing wheat shows only l2c decline from the
prices twenty-four hours previous, corn lac
and oats lsc. Lard and short ribs accom-
panied pork upward soc, and 25c respec-
lively. To-day more long wheat was bought
out than on yesterday in the aggregate,
though it came from totally different sources.
On yesterday it WIS the big fellows who got
nd of their holdings: to-day IL was the little
fellows. kilograms sent out after the close
last night covered the situation pretty fully
and if not actually advising small holders to
get out seemed at least to induce them to
take the action most natural to the out-of-
town operator, namely, to sell on d break.
Thus il was that the floor this morning was
covered with orders TO sell, and property
came out all the way down to 75l4c for De-
cember wheat falling off from the opening
prices of S4c. Then came the boom
in pork, and wheat rallied s4c
for December, but in the final
dealings there was a fractional reaction, De-
cember leaving off at 75l2@ 755sc. Corn was
fairly active and irregular, the market ruling
weak early, the near futures in particular.
due to the reaction in wheat, anticipated
larger receipts and falling off in demand for
cash corn. Later, became firmer, due to a
prominent local operator buying freely and
about last nights prices, bat in the last deal
ingS of the afternoon. the market eased off
slightly. closing at 4Sl2c asked May. Fluc-
tuations were within a range of 34c- Re
ceipts were somewhat larger than antici-
pated. and estimated for tomorrow show
some increase Demand for cash corn less
urgent, shippers discriminating and prefer
ring houses where they were loading. Oats
were affected l4c by the decline in corn, but
when corn recovered under the influence of
pork, oats reacted isc and closed at Bose May.
The provision market cut loose from all or
binary influences, and, as an operator ex-
pressed it, 1.-The market run away from the
crowd who thought they could play see-saw
and they got whip-saWed.h The break yes
terday induced the local crowd to unload
and get short in expectation that the country
men who had bought would be forced to
throw their holdings. The scalpers were
badly beaten, however, as the markets
opened about where they left off yesterday,
and prices started up Immediately. There
was good outside and heavy local buying,
the general trade being exceedingly heavy.
Mess pork was the favorite and advanced IT.
regularly 62l2c. January touching its highest
point, Sl4 asked, at the very close of the
afternoon session; Lard went up soc on
buying by large Hebrew operator, January
selling from S6.75G!7-05 bid, the latter being
the last price of the day. Short ribs were
active and advanced 21c, closing at s. bid
January.
THE QUOTATIONS.
The leading futures ranged as follows
Wheat-No November opening at 75l2c
closing at 75c; December, 76c, closing al
75I2c; January, 76l4c, closing at 76c; May,
S2Isc, closing at s1Isc. Corn-No. 2, No.
vember opening at 4514c, closing at 44ssc; De
cember, 4414c. closing at 4414e; January,
44I2c. closing at 44Ssc; May, 4Sl2c, clos
ing at 4SI2c Oats-No. 2, November open.
ing at 27c. closing at 27e: December, 26ssc
closing 265sc; May, 3O34c, closing at 305sc
Mess Pork-Per Dbl, January opening al
S13.35. closing at S14; February, $3.50
SI447I2. Lard-Per 100 lbs, December open
ing at S672l2, closing at S7.05; January,
S6 rs, closing at S7.05; February, Sc. S212
closing at 81 1912; May, S7.02l2, closing al
S732l2. Short ribs-Per 100 lbs, January
opened at S672l2, closing at 81
February. 6S2l2, closing at $40
Cash quotations uwere as follows: -Four il